Summit Wealth Group LLC Invests $223,000 in International Business Machines Co. (NYSE:IBM)

Summit Wealth Group LLC purchased a new position in shares of International Business Machines Co. (NYSE:IBM) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,011 shares of the technology company’s stock, valued at approximately $223,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Hazlett Burt & Watson Inc. boosted its stake in International Business Machines by 1,054.5% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 127 shares of the technology company’s stock valued at $29,000 after purchasing an additional 116 shares in the last quarter. Hara Capital LLC purchased a new stake in shares of International Business Machines in the third quarter worth approximately $29,000. Oliver Lagore Vanvalin Investment Group acquired a new stake in International Business Machines during the second quarter valued at $36,000. Wolff Wiese Magana LLC raised its position in International Business Machines by 37.0% during the second quarter. Wolff Wiese Magana LLC now owns 222 shares of the technology company’s stock valued at $38,000 after acquiring an additional 60 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of International Business Machines in the 3rd quarter valued at $43,000. Institutional investors and hedge funds own 58.96% of the company’s stock.

International Business Machines Price Performance

IBM stock opened at $208.09 on Tuesday. The company has a 50 day simple moving average of $218.88 and a 200 day simple moving average of $194.18. The stock has a market cap of $192.41 billion, a price-to-earnings ratio of 30.29, a P/E/G ratio of 4.60 and a beta of 0.71. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.06 and a quick ratio of 1.01. International Business Machines Co. has a 1 year low of $152.35 and a 1 year high of $237.37.

International Business Machines (NYSE:IBM) last released its quarterly earnings data on Wednesday, October 23rd. The technology company reported $2.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.27 by $0.03. The company had revenue of $14.97 billion during the quarter, compared to the consensus estimate of $15.08 billion. International Business Machines had a return on equity of 40.52% and a net margin of 10.22%. The firm’s revenue was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.20 earnings per share. Research analysts anticipate that International Business Machines Co. will post 10.12 EPS for the current fiscal year.

International Business Machines Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, November 12th will be given a $1.67 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $6.68 dividend on an annualized basis and a dividend yield of 3.21%. International Business Machines’s dividend payout ratio (DPR) is currently 97.23%.

Insider Buying and Selling

In other news, SVP Nickle Jaclyn Lamoreaux sold 3,600 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $215.20, for a total transaction of $774,720.00. Following the completion of the sale, the senior vice president now owns 25,390 shares in the company, valued at $5,463,928. The trade was a 12.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.07% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on IBM. Jefferies Financial Group boosted their target price on shares of International Business Machines from $200.00 to $245.00 and gave the stock a “hold” rating in a research report on Monday, October 21st. Bank of America increased their price objective on International Business Machines from $209.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Morgan Stanley cut their target price on International Business Machines from $217.00 to $208.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 24th. BMO Capital Markets boosted their target price on International Business Machines from $235.00 to $260.00 and gave the stock a “market perform” rating in a research report on Thursday, October 24th. Finally, StockNews.com raised shares of International Business Machines from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, International Business Machines has a consensus rating of “Hold” and an average target price of $208.12.

International Business Machines Profile

International Business Machines Corporation, together with its subsidiaries, provides integrated solutions and services worldwide. The company operates through Software, Consulting, Infrastructure, and Financing segments. The Software segment offers a hybrid cloud and AI platforms that allows clients to realize their digital and AI transformations across the applications, data, and environments in which they operate.